A massive company now announces more store closures for 2024 after closing dozens of locations last year.
“These stores lose tens of millions of dollars a year, and their annual losses nearly doubled in just the last five years,” Walmart said in a press release.
They added, “We have invested hundreds of millions of dollars in the city [of Chicago]… It was hoped that these investments would help improve our stores’ performance.
Unfortunately, these efforts have not materially improved the fundamental business challenges our stores are facing.”
And in 2024, the retailer has already announced the closure of two California stores in January alone, including:
- Walmart Neighborhood Market on Imperial Avenue, San Diego
- Walmart at Fletcher Parkway, El Cajon
Now, it’s saying it will shutter two more locations, bringing the total store closure tally in 2024 to six.
Those stores are in the Baltimore area of Maryland and California.
So far, the total tally is:
- 2121 Imperial Ave. in San Diego CA)
- 605 Fletcher Parkway in El Cajon (CA)
- 2753 E. Eastland Center Dr in West Covina (CA)
- 4080 Douglas Blvd in Granite Bay (CA)
- 1238 Putty Hill Ave in Towson (MD)
- 3579 S. High St. in Columbus (OH)
Walmart cited poor performance as the reason for the two most recent closures, though it did not go into further detail.
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Also Read: This Massive Clothing Retailer Is Now Closing Three More Stores
Other Economy News Today
A massive retailer now confirms the unexpected closure of 1,000 stores, citing theft as one of its main reasons.
In a shocking statement, Vanessa Hall-Harper, a city councilor in Tulsa, Oklahoma, said she was thrilled to find out the Family Dollar stores would be closing because she does not like the impact they have on the community.
Family Dollar’s parent company Dollar Tree announced on Wednesday that it has been led to close 1,000 stores due to an increase in crime.
However, this was good news for Hall-Harper, reports The-Sun.
“For communities that have been negatively impacted by the proliferation of dollar stores, it’s a great thing,” Hall-Harper told CNN on Friday.
“I’ve been waiting on this announcement for a long time.”
Critics of dollar stores believe some cities have become too reliant on them with their overload in an area.
However, dollar stores also provide affordable essentials to low-income neighborhoods, and in some rural areas, they are the only stores available.
Hall-Harper has led an effort in Tusla to stop allowing more dollar stores in the area, per CNN.
Tusla passed legislation in 2018 that blocked any dollar stores from opening up within one mile of each other.
The legislation was inspired by there being more than 50 of the stores in Tusla.
There is a hope that more independent supermarkets will take their place.
There will be 600 Family Dollar stores that will close in the first half of this year.
Over the next several years, there will be 370 Family Dollar and 30 Dollar Tree that will close.
“As a result of this review, we plan on closing approximately 600 Family Dollar stores in the first half of fiscal 2024,” Dollar Tree said in a press release.
“Additionally, approximately 370 Family Dollar and 30 Dollar Tree stores will close over the next several years at the end of each store’s current lease term.
As we look forward in 2024, we are accelerating our multi-price rollout at Dollar Tree and taking decisive action to improve profitability and unlock value at Family Dollar.”
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Also Read: Massive Restaurant With 800 Locations Now Begins to Close Down
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